Talk:John Bates Clark

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Copyright problem removed[edit]

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Capitalism Redefined?[edit]

There is a serious error and omission about this writer on the macroeconomics subject of capitalism. In Adam Smith's work (Wealth of Nations) the functions of a capitalist are shown to include the ownership and use of land which is not regarded as capital. David Ricardo supported and added to this view. However John Bates Clark to an opposing view and combined the activities of capitalism to include those of land ownership. In this he did the earlier writers as well as Henry George, a great dis-service because the special properties of land are different from those of durable capital goods, which up to that time were regarded as capital.

Somehow, possibly due to political forces, this later description of Capitalism has eclipsed that of what capital really consists and as a result the effectiveness of analysis in describing our macroeconomics has faltered. Only recently has this error been partly rectified because in many modern and earlier books describing macroeconomics, the landowner's function within our social system has largely been ignored. The e-mail reference to the source of this poor description is apparently being withheld due to some patent or copyright limitation, so it is impossible to correct it.Macrocompassion (talk) 09:56, 19 April 2015 (UTC)